Gladstone Land Co. (NASDAQ:LAND) announced a monthly dividend on Friday, October 16th, Wall Street Journal reports. Stockholders of record on Wednesday, December 23rd will be paid a dividend of 0.0449 per share by the real estate investment trust on Thursday, December 31st. This represents a $0.54 annualized dividend and a dividend yield of 3.78%. The ex-dividend date is Tuesday, December 22nd.
Gladstone Land has increased its dividend payment by 7.9% over the last three years and has increased its dividend every year for the last 5 years. Gladstone Land has a dividend payout ratio of -450.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Gladstone Land to earn $0.68 per share next year, which means the company should continue to be able to cover its $0.54 annual dividend with an expected future payout ratio of 79.4%.
Shares of NASDAQ LAND opened at $14.25 on Friday. Gladstone Land has a 52-week low of $9.61 and a 52-week high of $16.76. The firm has a fifty day moving average of $15.13 and a 200-day moving average of $14.78. The stock has a market capitalization of $313.83 million, a PE ratio of -129.55 and a beta of 0.71. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 1.60.
A number of brokerages recently weighed in on LAND. Berenberg Bank began coverage on shares of Gladstone Land in a research report on Thursday, September 17th. They set a “buy” rating and a $18.00 price target for the company. Zacks Investment Research cut shares of Gladstone Land from a “buy” rating to a “hold” rating in a research report on Wednesday, August 12th. BidaskClub cut shares of Gladstone Land from a “hold” rating to a “sell” rating in a research report on Friday, August 28th. Maxim Group reiterated a “buy” rating and issued a $20.00 price objective on shares of Gladstone Land in a report on Friday, August 7th. Finally, LADENBURG THALM/SH SH boosted their price objective on shares of Gladstone Land from $15.50 to $16.50 and gave the stock a “buy” rating in a report on Monday, September 14th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. Gladstone Land currently has a consensus rating of “Buy” and an average price target of $17.23.
Gladstone Land Company Profile
Founded in 1997, Gladstone Land is a publicly traded real estate investment trust that acquires and owns farmland and farm-related properties located in major agricultural markets in the U.S. and leases its properties to unrelated third-party farmers. The Company, which reports the aggregate fair value of its farmland holdings on a quarterly basis, currently owns 115 farms, comprised of approximately 89,000 acres in 10 different states, valued at approximately $912 million.
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